What's Going On With Rivian Stock Today?

Rivian Automotive Inc RIVN shares are trading lower Wednesday on the heels of the company’s first-quarter financial results. Here’s what you need to know.

What To Know: Rivian reported first-quarter revenue of $1.204 billion, beating estimates of $1.163 billion, according to Benzinga Pro. The EV maker reported a first-quarter earnings loss of $1.48 per share, missing estimates for a loss of $1.25 per share.

Rivian said it produced 13,980 vehicles and delivered 13,588 vehicles in the first quarter. The company also noted that production of the R2 is set to begin in the first half of 2026.

Rivian ended the quarter with $7.858 billion in cash, cash equivalents and short-term investments.

“First-quarter results exceeded our outlook and set a strong foundation for the remainder of the year as we focus on continued demand generation, delivering cost and plant efficiency improvements, advancing R2 development, and driving towards profitability,” said RJ Scaringe, founder and CEO of Rivian.

“We hit several milestones this quarter, including producing our 100,000th vehicle in Normal, successfully navigating the retooling upgrade, and unveiling our new midsize platform which underpins the R2, R3, and R3X.”

Rivian reaffirmed production guidance of 57,000 vehicles for 2024. The company said it continues to expect an adjusted EBITDA loss of $2.7 million for the full year and noted that it is focused on extending its cash runway by managing expenses and optimizing working capital.

Following the print, Mizuho analyst Vijay Rakesh maintained Rivian with a Neutral rating and lowered the price target from $12 to $11. Needham analyst Chris Pierce reiterated a Buy rating and maintained a price target of $13.

Don’t Miss: Rivian Aims To Churn Out 215K EVs From Illinois Factory, With R2 Leading Charge, And Save Over $2B

RIVN Price Action: Rivian shares were down 5.85% at $9.65 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Rivian.